Corebridge Financial Inc. Has $8.14 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Corebridge Financial Inc. reduced its holdings in Garmin Ltd. by 3.8% in the 1st quarter, now owning 37,465 shares worth approximately $8.14 million.
• Garmin's latest quarterly earnings beat analysts' expectations, reporting $2.17 EPS on revenue of $1.81 billion, marking a year-over-year revenue increase of 20.4%.
• Garmin has declared a quarterly dividend of $0.90 per share, resulting in an annualized dividend yield of 1.5% and a payout ratio of 44.39%.

Corebridge Financial Inc. decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 3.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,465 shares of the scientific and technical instruments company's stock after selling 1,475 shares during the quarter. Corebridge Financial Inc.'s holdings in Garmin were worth $8,135,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Groupe la Francaise bought a new position in Garmin in the 1st quarter worth about $33,000. TFC Financial Management Inc. lifted its position in Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Garmin in the first quarter worth $34,000. Zions Bancorporation National Association UT purchased a new position in shares of Garmin in the first quarter worth $38,000. Finally, Garde Capital Inc. purchased a new position in shares of Garmin in the first quarter worth $40,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on GRMN. Barclays reaffirmed an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Morgan Stanley lifted their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Buying and Selling at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,960 shares of company stock valued at $4,376,918. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Up 0.4%

Garmin stock traded up $0.96 during midday trading on Friday, hitting $242.01. The company's stock had a trading volume of 1,246,430 shares, compared to its average volume of 781,451. The stock's 50-day moving average price is $224.34 and its 200-day moving average price is $211.37. The company has a market capitalization of $46.59 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 2.66 and a beta of 1.00. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm's quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.